Live Cattle: Live Cattle futures spent the day on both sides of steady but finished the day higher across all months. Live Cattle opened the day higher, but fell victim to sharply lower equity markets for the first few hours of trade. The general consensus across the industry was that the cattle complex would see a nice recovery today after Friday’s lower trade due to rumors of Screwworm being found in the United States. During the overnight trade, the equity markets traded sharply lower as trade tensions continue to rise as President Trump threatened tariffs on several European countries. The lower equities created slight head winds for the cattle market this morning, but eventually the bearish sentiment wore off. Last week’s cash market was a disappointment compared to early expectations but was mainly steady with the week prior. Boxed beef was mixed this morning with choice being quoted $1.99 higher at $366.32, while select was $0.79 lower at $359.54. This will be the first full week of slaughter without Tyson’s plant in Lexington, Nebraska. There will most likely not be a noticeable change in weekly slaughter as most of those cattle have been shuffled to other Tyson plants.
Feeder Cattle: Feeder Cattle futures struggled to work higher today but eventually did find support mid-morning and finished the day over a dollar higher in most months. The CME Feeder Cattle index was quoted lower today after the lower futures market on Friday. Through Monday’s sales, the index is currently at $368.94 with the daily number for Monday at $360.49. Demand for cash Feeder Cattle remains high with a smaller herd size and cheap feed stuffs for feedlots. The USDA will release their monthly Cattle on Feed Report at 2 p.m. on Friday. Estimates are for cattle on feed to be 3.2% less than a year ago, placements to be down 7.3% and marketings to be 1.7% larger.
Lean Hogs: Lean Hog futures traded to new contract highs in many months today as the cash fundamentals continue to work higher. Open interest within the complex continues to increase which would suggest that new fund buying is hitting the market and helping support the deferred contracts. Although the cash and cutout markets have worked higher, the futures have now priced a premium into the futures contracts. The current Lean Hog index is at 81.76 while the nearby February futures contract is at 87.850, a 6.09 premium. The February contract will expire the middle of February and the two will need to consolidate by then. The pork cutout has settled into the $93 area the past few weeks after pushing to multi-month lows two weeks ago.
Corn: Corn futures spent most of the day lower and finished the day mixed with the nearby months lower and the deferred contracts slightly higher. The market continues to digest the increased amount of bushels that the USDA added last week in their WASDE Report. Now that the report is behind us, the market will search for news to trade going forward. South American weather will begin to be more of a focal point heading into the month of February as the market looks for bullish catalysts. Weather patterns and moisture levels differ across both Brazil and Argentina, but as a whole, the crop looks to be very large.
Closing Prices
Market
Month
Last
Change
Corn
Mar
423.75
1.00
CHI Wheat
Mar
510.25
7.75
KC Wheat
Mar
523.00
4.25
Soybeans
Mar
1053.00
4.75
Soy Oil
Jan
50.76
0.02
Soy Meal
Mar
291.60
1.60
Live Cattle
Feb
232.375
0.225
Feeder Cattle
Jan
362.625
0.700
Lean Hogs
Feb
87.850
0.425
Crude Oil
Feb
60.31
0.87
Ch Cutout
366.32
1.99
Sel Cutout
359.54
0.79
Feeder Index
368.94
0.48
Pork Cutout
93.63
0.03
Dollar Index
98.559
0.8340
DOW
48,496
863
National Corn Basis
-35.67
0.21
National Bean Basis
-68.04
0.17
Dates to Remember
January 23- Cattle on Feed Report
January 29- January Feeder Cattle Expiration
January 30- Cattle Inventory Report
Hog Fundamentals
Current
One Week Ago
Change
One Year Ago
Change
Lead Month Future
87.850
84.625
3.225
81.125
6.725
National Cash
74.78
68.08
6.40
79.17
4.39
Index
81.00
80.60
0.40
81.46
0.46
Cutout
93.63
93.10
0.53
92.31
1.32
IA/SMN Cash
75.50
70.55
4.95
80.39
4.89
IA/SMN Weights
296.70
295.50
1.20
292.20
4.50
Slaughter
2,623,000
2,683,000
60,000
2,618,934
4,066
Cattle Fundamentals
Current
One Week Ago
Change
One Year Ago
Change
North Cash
232.83
210.39
South Cash
232.92
202.36
North Steer Basis
0.00
5.52
Choice Boxes
366.32
358.02
8.30
333.16
33.16
Select Boxes
359.54
359.01
0.53
319.44
40.10
Spread
6.78
-1.02
7.80
13.72
6.94
Carcass Weights
905
894
11
881
24
Slaughter
562,000
553,000
9,000
601,259
39,259
FC Index
368.94
369.12
0.18
278.02
90.92
Cash Cattle Markets
Region
This Week
Last Week
Last Year
TX/OK/NM
N/A
$201.40
KS
$232.92
$202.36
NE
$232.83
$210.39
IA/MN
$232.11
$210.46
CFTC Disaggregated COT Report
As of: 1/13/2026
Commodity
Current Managed Money
Change
Current Producer/Commercial
Change
Total OI
Total OI Change
Live Cattle
101,316
6,555
-160,170
8,327
328,103
324
Feeder Cattle
16,308
530
-10,315
362
77,244
259
Lean Hogs
82,624
766
-148,035
5,023
325,674
6,380
Corn
-81,774
65,348
-177,958
58,837
1,669,075
13,069
Soybeans
12,961
44,756
-166,730
45,159
831,730
5,478
Live Cattle Markets
February Live Cattle finished the day slightly higher. Resistance is at the 20-day MA of 233.075 and then last week’s high of 237.550. Support is at Friday’s low of 229.250 followed by 227.550.
Feeder Cattle Markets
March Feeder Cattle recovered from Friday’s sharp day lower. Resistance is at last week’s high of 365.000 and then 370.675. Support is at 355.300 followed by 353.650.
Lean Hogs Markets
February Lean Hogs pushed to new highs for the move today. Resistance is at that high of 88.775 and then 89.925. Support is at 87.600 followed by the 20-day MA of 85.550.
Corn Markets
March Corn had a quiet day and finished the day slightly lower. Resistance is at Friday’s high of 427 1/2 and then the 20-day MA of 438. Support is at 420 followed by last week’s low of 417 1/4.
This material should be construed as the solicitation of an account, order, and/or services provided by Producers Commodities LLC, NFA ID: 0355787 and represents the opinions and viewpoints of the author. It does not constitute an individualized recommendation or take into account the particular trading objectives, financial situations, or needs of individual customers. Additionally, this material should not be construed as research material. The trading of derivatives such as futures and futures options may not be suitable for all investors. Derivatives trading involves substantial risk of loss, and you should fully understand the risks prior to trading. Past results are not necessarily indicative of future results. Producers Commodities LLC is not responsible for any redistribution of this material by third parties, or any trading decisions taken by persons not intended to view this material. Information contained herein was obtained from sources believed to be reliable, but its accuracy, timeliness, and/or completeness cannot be guaranteed. Contact designated personnel from Producers Commodities LLC for specific trading advice to meet your trading preferences or goals.
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1/20/2026 Market Commentary
Live Cattle: Live Cattle futures spent the day on both sides of steady but finished the day higher across all months. Live Cattle opened the day higher, but fell victim to sharply lower equity markets for the first few hours of trade. The general consensus across the industry was that the cattle complex would see a nice recovery today after Friday’s lower trade due to rumors of Screwworm being found in the United States. During the overnight trade, the equity markets traded sharply lower as trade tensions continue to rise as President Trump threatened tariffs on several European countries. The lower equities created slight head winds for the cattle market this morning, but eventually the bearish sentiment wore off. Last week’s cash market was a disappointment compared to early expectations but was mainly steady with the week prior. Boxed beef was mixed this morning with choice being quoted $1.99 higher at $366.32, while select was $0.79 lower at $359.54. This will be the first full week of slaughter without Tyson’s plant in Lexington, Nebraska. There will most likely not be a noticeable change in weekly slaughter as most of those cattle have been shuffled to other Tyson plants.
Feeder Cattle: Feeder Cattle futures struggled to work higher today but eventually did find support mid-morning and finished the day over a dollar higher in most months. The CME Feeder Cattle index was quoted lower today after the lower futures market on Friday. Through Monday’s sales, the index is currently at $368.94 with the daily number for Monday at $360.49. Demand for cash Feeder Cattle remains high with a smaller herd size and cheap feed stuffs for feedlots. The USDA will release their monthly Cattle on Feed Report at 2 p.m. on Friday. Estimates are for cattle on feed to be 3.2% less than a year ago, placements to be down 7.3% and marketings to be 1.7% larger.
Lean Hogs: Lean Hog futures traded to new contract highs in many months today as the cash fundamentals continue to work higher. Open interest within the complex continues to increase which would suggest that new fund buying is hitting the market and helping support the deferred contracts. Although the cash and cutout markets have worked higher, the futures have now priced a premium into the futures contracts. The current Lean Hog index is at 81.76 while the nearby February futures contract is at 87.850, a 6.09 premium. The February contract will expire the middle of February and the two will need to consolidate by then. The pork cutout has settled into the $93 area the past few weeks after pushing to multi-month lows two weeks ago.
Corn: Corn futures spent most of the day lower and finished the day mixed with the nearby months lower and the deferred contracts slightly higher. The market continues to digest the increased amount of bushels that the USDA added last week in their WASDE Report. Now that the report is behind us, the market will search for news to trade going forward. South American weather will begin to be more of a focal point heading into the month of February as the market looks for bullish catalysts. Weather patterns and moisture levels differ across both Brazil and Argentina, but as a whole, the crop looks to be very large.
Closing Prices
Dates to Remember
January 23- Cattle on Feed Report
January 29- January Feeder Cattle Expiration
January 30- Cattle Inventory Report
Hog Fundamentals
Cattle Fundamentals
Cash Cattle Markets
CFTC Disaggregated COT Report
As of: 1/13/2026
Live Cattle Markets
February Live Cattle finished the day slightly higher. Resistance is at the 20-day MA of 233.075 and then last week’s high of 237.550. Support is at Friday’s low of 229.250 followed by 227.550.
Feeder Cattle Markets
March Feeder Cattle recovered from Friday’s sharp day lower. Resistance is at last week’s high of 365.000 and then 370.675. Support is at 355.300 followed by 353.650.
Lean Hogs Markets
February Lean Hogs pushed to new highs for the move today. Resistance is at that high of 88.775 and then 89.925. Support is at 87.600 followed by the 20-day MA of 85.550.
Corn Markets
March Corn had a quiet day and finished the day slightly lower. Resistance is at Friday’s high of 427 1/2 and then the 20-day MA of 438. Support is at 420 followed by last week’s low of 417 1/4.